Stelco Inc. sought and obtained an extension to the stay period for its Court-supervised restructuring during a hearing held on Wednesday, Sep. 7. During the same hearing, the Court also granted Stelco’s request to appoint a Special Officer to oversee a review of complaints made by two former directors.

The Court-appointed Monitor had previously indicated that the company would seek an extension of the stay period from the current expiry date of September 9, 2005 to September 23, 2005. The Monitor had recommended that the extension be granted in order to maintain stability and to provide a focused environment in which Stelco's meaningful discussions with certain of its major stakeholders could continue.

The Court also appointed the Honorable Coulter Osborne as a Special Officer of the Court. He will oversee and assist the special committee of Stelco's Board that has been appointed to review complaints made by two directors who resigned on August 31, 2005. The complaints reflect concerns about effective Board oversight of recently prepared forecasts that will be important to the restructuring plan to be filed by the company.

The Honorable Coulter A. Osborne was appointed to the High Court of Ontario in 1978 and to the Court of Appeal for Ontario in 1990. He served as Associate Chief Justice of Ontario between 1999 and 2001. In 2001 he was appointed the Integrity Commissioner for the Province of Ontario.

Courtney Pratt, Stelco's President and CEO, said, "The extension of the stay period and the appointment of a special officer will enable us to continue our productive stakeholder discussions while addressing the complaints lodged by our former directors."

Stelco Inc. is a large, diversified steel producer involved in major segments of the steel industry through its integrated steel business, minimills, and manufactured products businesses.